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From YouTube: 2/11/2021 - Senate Committee on Judiciary
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A
All
right,
I
will
call
this
meeting
of
the
senate
judiciary
to
order,
and
I
understand
that
we
are
having
some
technical
difficulties
today.
So
I
will
just
ask
the
members
of
the
committee
to
wave
a
hand
either
virtually
or
physically,
and
let
me
know
if
you're
having
trouble
hearing
us
turning
up
the
volume
on
your
own
computer
or
your
speakers.
A
If
you're
attached
to
an
external
monitor,
has
helped
some
senators
this
morning
afternoon,
and
hopefully
we
can
get
all
this
fixed
on
short
order,
so
that
we
can
proceed
to
our
first
order
of
business,
which
is
a
presentation
of
bill
sb9
before
I
do
that.
I
do
want
to
do
a
little
bit
of
housekeeping
and
remind
everybody
that
we
have
our
amazing
constituents
participating
in
these
meetings
with
us
in
a
couple
of
different
ways.
A
They
are
submitting
their
testimony
via
a
written
testimony
and
that
will
appear
in
the
meeting
minutes
or
as
an
exhibit
to
the
meeting.
They're.
A
Also
filling
out
polls
online
and
those
polls
are
available
to
you
and
if
you
need
help
finding
them,
I
can
send
around
an
email
or
our
community
manager
will
send
around
an
email
explaining
how
to
access
the
polls,
and
I
do
want
to
also
encourage
all
of
you
to
read
those
carefully
make
sure
that
you
are
aware
of
the
the
feedback
that
you're
getting
from
your
constituents
and
from
other
nevadans
and
then,
of
course,
we've
also
had
people
joining
us
by
phone.
A
It
is
a
delight
every
time
people
choose
to
call
in
to
the
senate
judiciary
committee-
and
I
hope
at
this
point
they're
becoming
old
pros
at
it,
but
since
it
is
week
two
and
we
may
have
some
new
visitors
with
us,
I
just
want
to
remind
everybody
that
when
you
go
to
the
nellis
homepage
and
navigate
to
the
judiciary,
there
is
an
option
to
click
on
the
participate
button
for
any
particular
meeting.
A
Once
you
click
on
that
button,
you'll
be
prompted
to
enter
your
name
and
you'll
receive
the
phone
number
to
call
in,
and
then
there
will
also
be
directions
given
to
you
on
that
phone
line
to
to
make
your
public
comment.
So
with
that,
I
will
ask
that
the
esteemed
secretary
take
the
role
today.
A
A
Please
mark
senator
pickard
excused
from
this
meeting.
A
B
A
B
B
B
B
A
B
A
Thank
you
broadcast
and
thank
you
to
all
of
our
listeners
and
friends
who
are
joining
the
meeting
for
bearing
with
us
through
these
technical
difficulties.
I
believe
we
have
conquered
the
technology,
at
least
for
now,
and
we
are
ready
to
begin
the
presentation
on
sb9
and
I
will
open
up
the
hearing
right
now.
D
Thank
you,
chair
scheible,
and
thank
you
members
of
the
committee.
The
first
thing
I
would
like
to
do
is
apologize
for
the
delay
anyway.
D
So
thank
you
for
bearing
with
me,
while
I
tried
to
get
state
equipment
working
anyway
so
good
afternoon,
and
thank
you
for
having
me
here
and
thank
you
for
hearing
sb9.
I
greatly
appreciate
it.
Late
last
summer
my
office
was
approached
by
jeff
sailing
and
some
other
members
of
the
business
community.
D
D
I
have
to
tell
you
that,
in
my
experience
as
treasurer
my
experience
now,
our
entrepreneurs
do
not
have
a
kind
of
nourishing
and
enriching
environment
for
them
in
terms
of
how
they
can
expand,
how
they
can
beyond
open
thrive.
D
And
so
here
we
are
jeff
conveyed
that
there
was
a
need
to
update
our
blue
sky
laws
as
they
had
not
been
updated
since
the
1990s
and
those
laws
can
be
used
to
attract
and
retain
startup
early
stage
investment
capital.
D
D
Blue
sky
laws
are
state
laws
that
impose
standards
for
offering
and
selling
of
securities,
and
they
both
aim
to
allow
people
to
invest
and
to
protect
people
from
being
taken
advantage
of
from
fraud
from
speculative
investing
from
the
kinds
of
things
that
we
don't
want
to
be
an
open
door
of
in
our
state.
D
As
I
said,
existing
investment
law
in
nevada
has
not
been
updated
since
the
90s,
so
that's
30
years,
and
at
that
time
it
was
written
in
alignment
with
federal
law
and
that's
what
we're
really
seeking
to
do
here
today.
We
are
seeking
to
now
align
nevada's
laws
with
federal
laws
and
with
23
other
states
who
have
crafted
model
legislation,
and
that's
what
you
have
in
front
of.
You
is
in
fact
that
same
model
legislation
written
for
nevada,
that
model
legislation
was
written
by
the
north
american
security,
administrative
advisory
association.
D
It
both
complies
with
current
federal
law
and
makes
us
consistent
with,
as
I
said,
the
other
23
states.
Those
states
include
utah,
arizona
and
idaho.
Modernizing
our
laws
will
give
us
a
competitive
advantage,
certainly
a
level
playing
field
with
the
states
around
us
and
help
us
to
nourish
and
nurture
our
entrepreneurial
system
here
in
nevada.
D
So
I
would
like
to
turn
my
test
to
turn
our
testimony
over
to
jeff
sailing.
He
has
some
slides
to
show
people.
You
will
also
see
that
we
have
submitted
a
number
of
letters
which
I
think
jeff
will
talk
about.
D
We
didn't
want
to
clutter
up
the
hearing
with
a
lot
of
people
calling
in
so
we
tried
to
get
people
to
submit
letters.
I
hope
that's
a
a
way
that
is
easier
for
you
guys
to
digest
anyway,
so
I
will
turn
it
over
to
just
sailing
and
wait
for
any
questions
or
comments
or
insights.
You
might
have.
Thank
you
very
much.
C
Thank
you
lieutenant
governor
marshall.
I
appreciate
the
opportunity
to
testify
in
front
of
the
group.
I'm
gonna
start
sharing
my
slides
now.
C
Okay,
can
people
give
me
like
a
thumbs
up,
you
guys,
can
see
them
and
see
the
slides
excellent.
I
love
the
yeses
all
right
just
so
for
some
further
context
about
why
I'm
here
and
why
I
care
about
so
much
about
this
issue
and
kind
of
what
startup
envy
is
and
does
we
we
start
up
in
v,
began
in
2017
out
of
a
frustration
that
I
had.
C
I
spent
my
career
in
enterprise
software
startups,
seven
of
them
three
went
to
an
ipo,
one
was
acquired
and
one
is
still
in
startup
mode
and
two
of
them
failed.
So
I
came
to
nevada
in
2009
in
in
the
middle
of
the
third
startup,
the
second
ipo,
with
the
idea
that
I'd
start
my
next
company
here
and
when
it
came
time
to
do
that
in
2010.
I
couldn't
find
the
capital
or
the
coders
I
needed.
We
lacked
what
I
became.
C
What
I
came
to
understand
is
something
called
a
startup
ecosystem,
so
I
left
on
planes
every
week
to
do
my
startup
work
in
seattle
in
austin
texas,
where
in
2016
my
company
was
working
in
an
incubator
program
called
the
capitol
factory.
I
loved
the
atmosphere
and
wanted
to
join
one
when
I
returned
home,
but
I
found
that
there
was
none
in
nevada.
There
are
1800
of
them
around
the
country,
zero
in
nevada.
C
C
I
learned
a
lot
in
these
last
three
years
had
more
than
550
companies
pitch
to
get
into
our
program.
I
brought
in
and
mentored
48
of
them,
with
20
of
them
raising
over
60
million
dollars
in
startup
capital,
but
the
sad
part
is
that
less
than
one
percent
of
that
investment
capital
came
from
nevada
investors
and
that's
not
a
great
sign
of
a
healthy
ecosystem.
C
C
The
organizations
like
angel
groups
precede
funds,
seed
funds,
venture
funds
that
provide
capital
for
these
early
stage
startups
are
the
subject
of
my
talk
today
and
sb9
generally,
with
a
vibrant
community.
Providing
startup
capital
startups,
hire
staff
grow
jobs,
spend
money
in
the
local
community,
grow
rapidly,
hopefully
establish
a
successful
business
and
eventually
have
a
successful
exit
via
acquisition
or
ipo.
Where
the
founders,
the
investors,
the
employees,
have
a
great
payday
after
the
payday.
C
These
folks
are
successful
and
many
of
them
consider
retirement.
They
buy
a
few
cool
toys
for
their
hobbies,
usually
after
about
90
or
120
days,
they're
bored,
and
they
do
one
or
two
things.
They
start
another
company,
become
an
angel
investor
or
both,
and
that
virtuous
cycle
is
what
I
would
like
to
see
and
I
think
what
we
want
to
see
happening
in
nevada
and
without
a
vibrant
community
providing
capital
at
these
early
stages,
startups
struggle
and
very
few.
If
any
of
these
things
happen,.
C
Now
we
have
some
really
confusing
rules
and
laws
in
nevada
that
are
inconsistent
or
they
are
in
conflict
with
the
federal
regulations
that
cover
these
same
activities.
Nevada's
laws,
for
example,
sees
founders
as
that
are
raising
capital
for
their
own
startups
as
salespersons,
and
it
wants
them
to
hold
a
license
like
a
stockbroker
who's
selling
stocks.
C
C
No
serious
professional
fund
will
form
under
these
circumstances,
and
no
serious
investor
will
consider
relocating
and
investing
here.
They
might
come
here.
They
might
move
here,
but
they're
going
to
invest
elsewhere
and
since
over
80
percent
of
all
the
capital
raised
in
the
early
stages
for
startups
comes
from
local
investors
who
want
to
support
local
startups,
and
I
think
the
the
the
stat
on
that
is
that
investors
typically
invest
within
37
miles
of
their
home
or
within
37
miles
of
the
startups.
It's
a
national
average.
It's
not
a
good
situation
here
in
nevada.
C
C
Investors
understand
and
are
used
to
complying
with
these
federal
rules
that
clarity
and
consistency
will
remove
the
barriers
and
clear
a
path
for
local
investment
that
drives
early
stage
startups,
whether
that
local
investment
is
from
our
current
citizens
or
those
thinking
of
moving
here
nasa
and
it's
not
the
space
agency.
It's
the
north
american
security
advisors
association
has
created
model
legislation
that
23
other
states
have
adopted
and
that's
introduced
in
sb9.
It
makes
nevada
consistent
with
federal
laws,
and
you
know
so
what
happens
if
we
follow
this
path?
C
Investment
in
our
local
early
stage
startups
increases
from
the
paltry
annual
total
of
two
to
five
million,
and
that's
in
a
good
year
to
five
times
that
amount
or
more
and
and
if
you
follow
the
models
generated
by
software
like
implant,
and
we
were
fortunate
to
get
a
look
at
that
courtesy
of
the
city
of
las
vegas
who
took
some
of
our
numbers
and
modeled
them
every
dollar
of
private
investment.
C
You
know
without
taking
anything
away
from
our
awesome,
existing
industry
industries
here
in
the
state,
so
the
sb9
fix
helps
earlier
stage.
Smaller
local
funds
get
started
and
attracts
and
incense
the
formation
of
larger,
later
stage,
funds
that
follow
on
to
the
early
stage
fund,
because
the
laws
are
clear
and
then
that
earlier
funding
has
created
some
exciting
options
for
the
larger
funds
and
the
later
stage
funds
to
consider.
C
So,
in
summary,
the
nasa
fix
puts
us
on
par
with
other
states
and
with
federal
regulations.
This
clarity
and
consistency
will
remove
barriers
to
capital
growth
and
make
making
early
stage
investments
possible
in
a
manner
that
everyone
in
the
investing
community
already
understands
they're
already
operating
under
these
rules
federally.
So
there's
no
new
learning
or
barriers
or
other
other
things
getting
in
the
way
of
getting
started.
You
know
from
there
we
can
start
to
see
more
rapid
local
capital
creation
in
nevada
investment
in
early
stage
startups
and
job
growth.
C
This
will
have
the
biggest
impact
in
las
vegas
and
in
the
rural
areas
where
there
are
literally
no
early
stage,
startup
funds
that
exist
today
and
with
the
help-
and
it
also
helped
the
north
to
form
and
attract
new
funds
as
well
and
as
a
final
note,
and
certainly
not
the
least
important,
more
capital
options
will
make
it
easier
to
create
funds
to
invest
in
the
underserved
communities
as
well.
Specialty
funds
for
female
founders,
black
founders,
hispanic
founders,
veterans
and
founders
and
and
and
and
the
likes
and
similar
funds.
C
It'll
help
provide
the
needed
access
to
early
stage,
startup
capital
for
all
nevadans
and
there's.
There
are
many
organizations
across
the
state
that
support
this
work.
C
Eight
of
them
have
submitted
letters
that
support
us
goed,
the
nielsen,
consulting
group
from
vegas,
the
nevada,
small
business
development
corporation
sim
in
las
vegas,
the
nnda
edon,
the
urban
chamber
in
vegas
and
unlv,
and
I
suspect,
if
we'd
had
another
day
or
two,
we
probably
would
have
gotten
a
few
more
letters
from
people
who
verbally
said
they
would
do
it,
but
they
just
didn't
have
the
time
to
get
them
in
on
time.
C
I
want
to
say
thank
you
to
lieutenant
governor
kate
marshall
for
raising
this
important
economic
issue
and
a
really
well
fitted
solution
for
your
consideration.
Senators.
Thank
you
for
considering
the
bill
for
listening
to
my
testimony
and
for
your
time.
Thank
you
and
I'm
ready
for
questions.
If
you
have
them.
A
Thank
you
so
much
mr
saline,
and
I
will
point
out
that
if
anybody
else
still
wants
to
submit
letters,
we
will
gladly
accept
them
after
today's
meeting,
and
I
would
like
our
esteemed
secretary
to
note
that
vice
chair
majority
leaders,
canazarro,
is
here
she
came
into
the
meeting
a
few
minutes
ago.
I
didn't
want
to
interrupt,
and
at
that
point
or
at
this
point
we
are
ready
for
questions
for
either
lieutenant
governor
marshall
or
mr
saling.
A
He
does
thank
you,
senator
orrinshaw.
Please
go
ahead
with
your
question.
E
Thank
you,
chair
and
my
question
either
to
the
lieutenant
governor
or
to
mr
sailing.
You
reference
the
23
states
that
have
passed
a
law
similar
to
this.
I
just
wonder
in
those
states
with
relaxing
the
regulation
of
these
investment
advisors,
have
there
been
any
problems
or
any
any
issues
in
those
states,
or
has
it
been
smooth
sailing.
D
Lieutenant
governor
kate
marshall,
for
the
record,
through
you,
chair,
schaible,
to
senator
orrinshaw,
I
have
not
heard
any.
I
would
ask
jeff
sailing
if
he
has
heard
of
any
be
please
remember
that
these
were
fully
vetted
by
the
sec
prior
to
being
implemented.
D
So
we
are
not
creating
these
in
a
vacuum.
We
are
trying
to
follow
the
sec,
but
I
will
turn
it
to
jeff's
sailing.
Thank
you.
B
C
You
thank
you
lieutenant
governor.
I
I'm
not.
I'm
also
not
aware
of
any
trouble,
certainly
nothing
outside
of
what
normally
happens.
You
know
in
in
the
in
the
normal
course
of
business.
The
rules
that
we're
proposing
or
the
laws
that
we're
proposing
here
are
the
same
as
the
federal
laws,
so
the
degree
that
people
run
afoul
of
those-
I
I
imagine
that
happens
in
every
state
and
in
so
there's
nothing
extra
that
we're
trying
to
do
or
clever
that
we're
trying
to
do
here.
E
Thank
you
lieutenant
governor,
thank
you,
mr
sailing,
and
thank
you
for
bringing
this
bill.
I
hope
it
can
increase
investment
like
like
your
goal.
Thank
you,
chair.
F
Thank
you,
chair
scheibel.
I
just
wanted
to
thank
the
lieutenant
governor
for
reaching
out
ahead
of
time
on
the
bill
and
having
a
discussion
with
me.
Finding
out
issues
and
concerns,
and
talking
about
them
early
on
makes
the
meetings
go
much
quicker
and
I
look
forward
I'd
love
to
just
go
and
move
the
bill
out
right
now
because,
as
it
is,
seems
like
a
great
bill.
G
G
H
H
G
G
F
Good
afternoon
senate
senators,
lieutenant
governor
and
mr
sailing,
my
name
is
doug
irwin,
the
o-u-g
e-r-w-I-n,
I'm
the
senior
vice
president
of
entrepreneurial
development
for
edon,
and
I'm
here
to
express
my
support
for
sb9
over
the
past
many
years,
I've
worked
with
entrepreneurs
and
investors
to
help
grow.
The
northern
nevada
ecosystem,
and
this
disconnect
between
our
blue
sky
laws
and
the
federal
laws
has
come
up
numerous
times,
and
I'm
really
thankful
that
the
lieutenant
governor
has
taken
her
leadership
to
drive
this
forward,
and
I
appreciate
everybody
taking
the
time
to
hear
today.
F
Access
to
capital
continues
to
be
the
number
one
challenge
facing
entrepreneurs
in
our
community.
Our
a
recent
survey
demonstrated
that
fact,
although
we've
made
great
strides
in
the
past
eight
years
with
the
arena,
seed
fund
and
other
angel
investments,
we
desperately
need
additional
funding
to
help
support
the
growth
of
this
ecosystem.
F
I
think
this
bill
is
a
no-brainer.
It
levels
the
playing
field
with
the
federal
guidelines,
so
it
doesn't
create
any
additional
risk
and
really
what
it
does
is
it
levels
a
playing
field
for
our
entrepreneurs
to
compete
for
capital
and,
more
importantly,
it
helps
create
eliminate
the
ambiguity
for
investors
looking
to
create
new
funds
in
the
community
which
are
desperately
needed.
So
I
thank
you
for
for
the
opportunity
to
speak
today.
I
appreciate
all
the
hard
work
of
mr
saline
and
governor
and
have
a
good
rest
your
day.
Thank
you.
G
F
G
A
All
right,
then,
we
will
close
testimony
in
support
of
sb9
and
open
up
testimony
and
opposition
to
sb9.
A
All
right,
then,
we
will
close
the
testimony
in
opposition
to
sv9
and
open
up
testimony
in
the
neutral
position
on
sb9.
G
G
G
I
I
I
Hello,
nrs
9340d
does
give
the
securities
administrator
the
authority
to
adopt
regulations
that
cut
out
further
exemptions
to
licensing
and
to
that
end,
the
securities
division
has
already
included
the
private
fund
advisor
exemption
that
exactly
mirrors
the
language
in
this
bill
to
an
update
in
nac
90,
which
has
been
published
for
the
purpose
of
seeking
comment
on
the
same
and
will
hopefully
be
formally
adopted
over
the
summer.
It
is
a
large
update
and
I
appreciate
the
comments
from
our
constituents.
I
G
F
F
You
thank
you
again.
I'm
sorry
for
the
technical
trouble
we're
having
today
just
want
to
offer
the
city
of
las
vegas's
support
for
sd9.
Again,
we
ridden
for
the
record
and
the
city
of
las
vegas
will
be
available
to
help
assist
in
any
manner
as
this
bill
moves
forward.
Thank
you
very
much.
A
All
right,
thank
you
so
much,
and
I
would
ask
our
esteemed
secretary
to
please
reflect
that
mr
buker's
testimony
was
in
support
of
the
bill,
even
though
he
called
in
during
the
neutral
time.
I
understand
that
we're
all
learning
this
new
system.
I
just
want
to
make
sure
that
our
record
is
clear
that
the
city
of
las
vegas
supports
this
bill,
and
with
that
I
will
close
the
hearing
on
sb9.
G
A
All
right,
in
that
case,
we
are
not
going
to
hold
a
work
session
on
this
bill
today
or
any
work
session
today,
but
this
bill
will
most
likely
appear
on
a
later
work
session.
I
appreciate
everybody
joining
us
today
and
unless
I
have
forgotten
anything,
we
are
done
and
our
meeting
is
adjourned.
Thank.